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11/15/14

Which surprised me, because you would have thought they'd want everyone to read everything they had to say about Mount Polley at a more reasonable hour. Also interesting is how stacked the Forward-Looking Statements is on this one (one of the rare occasions when the reader needs to pay attention to this bit). It's almost as if the company lawyers have gone through the whole document with a fine tooth comb and made sure that...nah, surely not.

Must be tough to want to say something as upbeat as possible while the beagles are telling you to avoid any sentence, phrase, word or comma that could cause a class action down the line.

In 2006 Abbondanzieri was recovering from an injury, when one day a hand written letter arrived at the training ground at Getafe, the team he was playing for at the time. Bielsa had written him a get well soon letter that offered moral support and was, "A wonderful gesture" according to the goalkeeper. But Bielsa had also been the manager of the Argentina national team in 2004 when they'd lost the final of the Copa America to Brazil on penalties, after the match had ended 2-2 in normal time. Roberto Abbondanzieri was goalkeeper for the team that day and Bielsa, two years later, couldn't help but ask him at the end of his letter of moral support just why he'd only put three players in a wall instead of four for a free kick that ended in one of the Brazil goals.

I chose these eight roughly at random by dialing up reports stuck in my mailbox in the last few days and checking at the end of each one, to see what percentage of each house's universe was rated "sell" or "reduce" by the Canadian brokerage or securities firm in question*. I could have added more houses but I got bored after the first eight, the pattern's clear enough.

The result: They rarely call sell. So why should that be, when faced with the cold hard reality of what the mining sector's been going through? Your multiple choice options are

No balls

No idea

No education

Corrupt

All of the above

*NB; note that houses such as Macquarie or Canaccord were rated on their Canadian ops alone, not Australian/UK/USA/etc branches or sectors other than mining.

The definitive Psychobilly hit, live version 1983 or so. I owned the single (which did come out in 1983). It played from the inside out, so you had to put the stylus in the middle of the 45, then make sure you were around to catch it as it fell off at the end of the song. Good ol' Smeg, ruining diamond styluses around the world that year.

As is my normal weekday morning I've flicked through several biz oriented sites, some in Spanish, others in English. Countries of original include Chile, Argentina, Canada, Colombia, USA, Mexico, as well as international bizwire services. Every single one, somewhere on the front page, tells me how the US Dollar's going higher from here. And yes, Deborah, my contrary flags are fluttering this morning.

In the short term, it represents a red flag for those expecting further Chinese economic weakness to translate into lower copper prices.

It's clear that any further price declines, say toward $6,000 per ton, are going to incentivize the bureau to buy still more metal.

Which is not to say the price can't go lower, just that if it does, existing tensions in LME stocks and spreads are likely to accentuate.

In the next two years, might the SRB simply suck in all this market's expected surplus?

Ever since the bureau first showed signs of activity late last year, there has been consistent talk in the Chinese market that it is working toward an end-2015 target of having around 2 million tonnes of copper.

Of course, we don't know what the starting-point was, but it now seems fair to assume that it will buy something like a million tonnes over the course of 2014 and 2015.

That would account for most analysts' expected cumulative surplus over those two years.

11/13/14

Oh, looky that, a 39c EPS loss on the quarter thanks to a near $300m hit on goodwill from Masbate ($202m) and Gramalote ($96m). Which looks bad, but it might not be all the kitchen sink yet either. For those who care, once you throw in Papillon the new balance sheet puts P/BV at U$2.55, so with bTG closing at U$1.58 this evening either there's more write downs to come or the market is underpricing BTO bigtime. Or both, as maybe the truth lies somewhere between the two (my best guess).

NB: Please note cut-down Y-axis, done to show contrasts and not to try and fool you

But the NR glosses over the real problems at GCM, which you'll find on the balance sheet rather than any nominal quarterly profit or loss, G&A reduction or blahblah. Here's a chart...

...which shows you how little cash GCM.to has. And here's another...

...pointing you in the necessary direction to the real problem, because the working cap position is going from bad to worse and a full-on cash crunch is now a question of when, rather than if. But it's only when you open up the MD&A and read it that the scale of the upcoming back passage intercourse coming the way of equity holders becomes fully apparent. Read this, read it all, it's from the GCM 3q14 MD&A filed this evening, it's why this share price is going to nothing, it's your fundies analysis case study of the week:

Liquidity and Capital
Resources

After using the remaining $3.0 million of the net proceeds
from the March 2014 equity offering during the third quarter of 2014 to fund
working capital and capital expenditures at the Segovia Operations, the
Company’s cash position stood at $0.5 million at September 30, 2014. In addition, the
Company had $0.8 million of cash in trust from the Gold Notes to fund the
monthly interest payment on the Gold Notes at the end of October 2014.

To continue as a going concern, the Company must generate
profitable operations in the future through its planned capital investments,
including the completion of the modernization and mechanization of its Segovia
Operations and resultant increase in cash flow from mineral production, or
continue to secure new funding. While the Company has cash flow from
operations, this may not be sufficient to fund the Company’s working capital
requirements, including debt service, and the planned capital investment
program not previously funded by the Gold Notes. The Company has a working
capital deficit at September 30, 2014 (as described below) and, as such, it
will need to pursue additional financing or delay discretionary expenditures
which may have an impact on the rate of future growth in its mineral production
and its ability to meet its working capital requirements.

At September 30, 2014, the Company had a working capital
deficit, excluding the Gold Notes cash in trust, of approximately $69.9
million, up from $50.2 million at December 31, 2013. Key components of this
working capital deficit at September 30, 2014 include:

·Cash
- $0.5 million; as a result of the impact on operating cash flow of lower gold
prices and lower than previously expected gold production from the Segovia
Operations, cash is being turned over quickly to meet working capital
requirements, including supplier payment programs and debt service, and capital
expenditures.

·Accounts
receivable - $13.0 million, including $11.3 million of recoverable taxes,
predominantly outstanding VAT refunds in Colombia, $6.6 million of which are
past due as of September 30, 2014. Despite the Company’s diligent efforts to
meet the requirements of the VAT refund process in Colombia, it has continued
to experience difficulty and delays in receiving overdue VAT refunds related to
the Segovia Operations. Accounts payable and accrued liabilities at September
30, 2014 include approximately $3.0 million of supplier withholding taxes that
the Company understood, based on the processing of prior VAT refund claims in
2013 by the local tax authority, would be deducted from its pending VAT refund
claims when settled by the local tax authority in 2014. However, the Company
has been advised subsequent to the applicable VAT reporting periods that it
must pay the supplier withholding taxes in advance of receiving its VAT
refunds. The Company is currently in discussion with the local tax authority to
remedy the situation so the Company and the local tax authority can settle the
existing balances outstanding between them. In the meantime, the Company has
been paying its monthly supplier withholding taxes since the beginning of the
third quarter of 2014 and is awaiting resolution of this matter in order to
file additional VAT refund claims for a total of $3.8 million. This situation
is beyond control of the Company and is exacerbating the Company’s cash flow
situation in this low gold price environment.

·Accounts
payable and accrued liabilities - $43.3 million, including approximately $3.0
million of supplier withholding taxes (as described above) and $4.8 million
related to capital expenditures. As previously disclosed, the Company had
arranged payment plans with certain significant suppliers to relieve pressure
in managing the supplier relationships while it completes the Pampa Verde
project at its Segovia Operations. Although the Company is currently continuing
to service these payment plans, in response to the impact on operating cash
flow of the lower gold prices, lower than expected gold production at Segovia
and the VAT refund situation as described above, the Company is having to make
alterations to these plans in certain cases to ensure it meets all of its
obligations.

·Amounts
payable for acquisitions of exploration and evaluation assets - $15.2 million
related to the Marmato Project. The Company made payments amounting to $0.6
million under these agreements in the first nine months of 2014. The Company is
making slow but steady progress in its process of negotiating extensions to the
current contractual terms of the various mining titles acquisition and
compensation agreements.

·Current
portion of equity tax payable - $6.6 million, of which $3.1 million represents
the final payments due for the Segovia Operations and is expected to be paid
from the net proceeds of the pending VAT refund claims when settled. The
balance of the equity tax payable relates to the Marmato and Zancudo Projects.
The Company is continuing in its effort to implement payment plans to settle
these obligations, although there can be no assurance such payment plans can be
arranged.

·Short-term
debt - $1.2 million representing amounts drawn by the Company’s 60%-owned
CIIGSA refinery operation in Colombia under a revolving credit line (see also “Financing
Activities – Colombian Debt Facilities”). As previously mentioned, the Company
is working towards a potential sale of its refinery investment and expects that
the purchaser will assume this short-term debt as a condition of the sale.

·Current
portion of long-term debt - $30.3 million, up from $4.3 million at the end of
2013 to include the expected principal amount payable under the Gold Notes
($18.8 million) from the first three quarterly put options that come due at the
end of January, April and July 2015 and the first estimated repayment of 10% of
the principal amount of the Silver Notes ($9.0 million) due in August 2015.

·Current
portion of provisions - $2.2 million, representing ongoing monthly payments of
approximately $0.1 million to fund the acquired health care obligation in the
Segovia Operations and $1.1 million related to the payments expected to be paid
over the next 12 months under a payment plan still to be arranged with
Corantioquia, the local environmental authority, related to the environmental
discharge fees at Segovia.

Got all that on board? And on the way I hope you paid special attention to the second last bullet point in the list, the "current portion of long-term debt" bit.

Any further questions on GCM.to and its financials should be directed to the people that pumped this de-facto bankrupt waste of time and money to you back when it was cool. Along with the obvious snake-oil salesman Serafino, their names are Tommy Humphreys and Thom Calandra and they're the scumballs who get rich by ripping you off and then claiming innocence later.

We dig into the latest quarterly results from a gold miner that's been cutting costs in the wake of a slumping price for bullion. Frances speaks with Steve Letwin, President and CEO about the company's recent move to cut its executive team by 40%, and what his plans are as the head of IAMGOLD.

The Company
is also providing notice that senior management will host an analyst and
investor conference call on Thursday, 13 November 2014, at 10 am PET (Lima), 10
am EST (Toronto) and 3 pm GMT (London). All amounts are in United States
dollars ("$"), unless stated otherwise.

HIGHLIGHTS

ESTRAGON: Nothing
to be done.

VLADIMIR: I'm
beginning to come round to that opinion. All my life I've tried to put it from
me, saying Vladimir, be reasonable, you haven't yet tried everything. And I
resumed the struggle. So there you are
again.

Today's "winner" is Graeme Jennings of Cormark, who starts his piece on First Majestic today November 13th 2014 by stating:

First Majestic offers investors access to the “purest” silver producer, with approximately 90% of its revenue attributed to silver.

....to which Owly says...

....because of this:

Thing is Graeme, once upon a time your investment thesis may have been true but we are now in the Year Of Our Lord 2014 and nowadays silver is only 76% of FR.to revenues. It's been under 90% since the end of 2012, Graeme. In other words, anyone who knows anything about this company would have stopped reading your lame report after paragraph one, because getting the basics right is...errr...basic.

UPDATE: Good morning, ladies and gentlemen visitors from Cormark:

We at IKN hope you have a pleasant day at the office and get to do many things that help forward the cause of humanity.

First shareholders are anally violated, then private equity comes in and scoops up. It's evolution, baby.

As RK and its spin-out firms tend to be good at USA mine projects and also politically sensitive projects, this deal fits on more than one level. As for OMN.to management, it's obviously not great for equity holders but to be honest I can't blame them, they have a mine to build and selling your sould for rock'n'roll is the only way these days. NR here.

Today's PEA announcement from Golden Star (GSS) (GSC.to) is today's microcosm of just why the world of money and investment is pig sick of the assholes running junior mining companies. We can do this in three short bullet points:

In this Q&A, some corrupt dickhead named Thomas Shyster Schuster recommends only the following five stocks: Source Exploration (SOP.v), Integra Gold (ICG.v), Rockhaven Resources (RK.v), Golden Arrow Resources (GRG.v...fkn Joe Grosso!) and Niocorp Developments (NB.v). No others get the highlight or the kind word, while all those five are apparently red hot deals in the making.

At the end we read the following about Mr Shyster:

I personally am, or my family is, paid by the following companies mentioned in this interview: Golden Arrow Resources Corp. My company has a financial relationship with the following companies mentioned in this interview: Golden Arrow Resources Corp., Source Exploration Corp., NioCorp Developments Ltd., Rockhaven Resources Ltd. and Integra Gold Corp.

Yup, every one a winner. Seriously, didn't these snake oil people go out with the end of the 20th century?

It’s not something that’s being widely advertised by those
companies working there (no surprise) but after seeing the MUX and TRY numbers
come in then checking through a couple of other filings, there’s a clear trend
re-emerging of a lag in precious metals sales compared to production in mines operating
in Argentina. Here are some numbers for your consideration:

All figures taken from company filings (SEDAR, LSE, NYSE).
Now some of those numbers are more acceptable than others, for example the
Gualcamayo production/sales lag of just 3k oz gold would be acceptable under
normal circumstances, as long as the lag gets made up next quarter. The 12k lag
at ABX Veladero looks a little too large for comfort in absolute terms (after
all it’s about $15m worth of metal), but a company the size of ABX can swallow
that easily enough without it affecting bottom line results to any significant
extent.

But Cerro Vanguardia couldn’t sell 13% of its gold, Minera
Santa Cruz (49% MUX, 51% Hochschild (HOC.L) couldn’t sell 24% and 25% of its
gold and silver, Troy at Casposo couldn’t sell 25% and 22% of its gold and
silver. I do not believe in coincidences.

Back in 2013 mining companies along with other export
oriented companies in Argentina complained bitterly about the barriers to exit
for the goods and remittances for revenues, with reports of long delays and
suchlike. The government promised to improve things and for a while that
happened, but it looks as though the lag is back again. Less of a problem for
the small player, more of a problem for companies such as TRY and MUX who are
dependent on the cash flow from their mines. Even HOC could be feeling the
pinch.

For the record, this humble corner of cyberspace confidently predicts that Colombia's James Rodríguez will win for his (1st) goal against Uruguay in the 2014 World Cup Finals. If you want to know why, check out the video of his goal and pay special attention to the moment when 0:21 turns to 0:22 on the recording; it's before he even collects the ball. Also for what it's worth, this humble corner of cyberspace has called the last three winners of the award correctly. And this year's is just as easy.

The idea here is to get a handle on which junior mining company is running a tight ship and keeping G&A costs tight in Q3, as well as seeing which junior mining company was taking the piss with its G&A and spending way too much of your money on its own extravagances. Therefore the following:

We pick a bunch of juniors, mostly goldies but a few silver mining companies too.

We take the gold or gold equivalent ounce production total for each one (and in the case of the silver miners, we convert silver to gold equivalent ounces at 70:1).

We check out the quarterly G&A figure as posted by each company.

We do the math.

We also add in a couple of majors as a guideline, to show what the bigger boy companies typically run as a ounce-per-G&A ratio. The examples are Kinross (K) and Barrick (ABX), and their results are typical of the majors' sector.

So here's the chart:

Rio Alto (RIO.to) (RIOM) comes in very low due to some specific factors for 3q14, but it typically a low ratio for all its quarters and wouldn't get over $30/oz normally.
Endeavour Mining (EDV.to) is clearly efficient in its offices, good job done.
The majors' type average is around $55/oz to $65/oz, so any junior which emulates that level is doing well. Endeavour Silver (EDR.to) (EXK)and Richmont Mines (RIC.to) qualify, Lake Shore Gold (LSG.to) at a pinch).
The acceptable limit? Let's say $100/oz.
Argonaut (AR.to) isn't shy about spending money in its offices, apparently.
Gold Resource Corp (GORO) is a joke.

As a result of this weakness, the Company decided to temporarily suspend silver sales in an attempt to maximize future profits. This suspension of sales will result in lower revenues and earnings for the third quarter, however, it is likely that these inventories of unsold ounces will instead be sold in the fourth quarter. As of September 30, 2014, approximately 934,000 ounces of silver were held in inventory.

Subsequent to quarter end, the Company sold all 934,000 ounces of silver that it held over from the third quarter for an average price of $17.29 per ounce increasing the cash balance by $16.1 million

Moral: Don't give up your day job, Keith.

As for the rest of the financials, have to say that they weren't quite as bad as I'd modelled. For example the net loss at $10.5m compared to my guesstimate of negative $12m. Still crappy though, FR will have to deliver on the now highly signalled cost reductions for Q4.

PS: Just one more small thing about that silver futures speculation, with table taken from the Kitco page here:

Over at mailbox I've been asked to comment on the New Gold (NGD) friendly deal for Bayfield (BYV.v) once too often to remain quiet, so here are a few thoughts. Don't worry, you won't like them:

After hearing of the deal yesterday morning, my reaction was that it was opportunistic and the stock, BYV.v, might even be a buy on the potential for a competing bidder or a sweetener to see it through. It's obviously a low bid and one that's shareholder unfriendly (for BYV holders, anyway). I wrote as much to three or four people as well, while mulling over a speculative buy. Then I got to thinking some more and went off the idea, which is why I didn't buy and didn't send any alerts to subscribers either.

New Gold wants it less for the geology, more for the geography. The deposit is a dog, though it's possible that some of the high grading spots can be added into the Rainy River pit design. Mister Randy Elephant is paying $16m or so (well, he's not, it's paper) for the location, not the mineralization.

Bayfield's management have always been bullshit merchants of the highest order and woefully inept at adding shareholder value. The only thing they've ever been good at is suckering in the naive, so yesterday's friendly deal (oh, officers have "locked up" under 4% of the shares on a 2/3rds acceptance deal, well done guys) was just the icing on that particular cake.

Therefore, those shareholders who've held this thing all the way down and are now complaining about being hung out to dry are mouthbreathers to begin with, the type that buy in because that corrupt asshole Louis James told them it was a great buy at 90c and $1.30 all those years ago. C'mon guys, are you seriously telling me that you bought into that $1.40 flow thru, then rode the thing down to 10c and 15c, and only now has the penny dropped that you were ripped off by a management team in cahoots with a bunch of pump'n'dumpers? If so you deserve what's coming to you, good and hard.

Which brings us to the cries of disgust emanating from the herds of bagholders and "surely we can do something". Well yes you can and what's more, it's easy. First you get together and raise enough capital, then you put in a competing bid for what you think it's worth, and then you see if Randy Elephant puts in a better offer.

What, you can't do that? You don't have $20m, or the means to raise $20m or so in order to start a bidding war? Or you can't convince somebody with $20m or $25m or $50m or whateveryoupretenditmightbeworthmillion to start competing against NGD? Well there's a shocker, that might be something to do with the godawful shitstate of the junior exploreco market dontchathink?

And that's where NGD's bid comes in. BYV has dropped and dropped and dropped until it got to the point where Mister Randy Elephant decided the thing was cheap enough to bother with. There's no other logical buyer (check the maps) and anyone who gets into a fight would be doing it expressly to make NGD pay more, with the risk that if they walk away they're left with their very own white (randy) elephant. Want to gamble $20m to win $5m and risk losing that capital on a piece of shit property, while annoying someone you shouldn't annoy who'll find a way of screwing you a few years down the line? Nah, me neither.

Point is NGD knows it's the only game in town and has no fiduciary duty towards the shareholders of BYV. And BYV's run by morons who now have no choice, so they agree to this lowball predatory move. And the bleating shareholders of BYV who've finally, finally realized they've been ripped off can shout "not fair!" all they like because this is fucking capital markets, not kindergarten where everyone gets to be a winner.

So I didn't buy any BYV. And I wish Mister Randy Elephant the best of luck. And I laugh in the faces of all those people who fell for Louis James' spiel, on this stock and on all the other losers that he claims are winners in his perverse and criminal little universe of one.

I think that should annoy just about everybody who reads it. Job done.

Something needs to be said here aboutlast night's NR from IMG that announced large-scale layoffs and "tough decisions", because the obvious decision that Pugliese should have made wasn't made. Within minutes of the NR hitting, I received two mails from people who work in Canada's capital markets and here are the title lines of the two mails, unsolicited and as far as I know totally unconnected to each other professionally:

'IMG forgot one special person'

'Looks like they fired the wrong guy'

The bodies of the mails were basically the same message, too. Now let us remind ourselves of Mr Stephen J. J. Letwin's contribution to costs at IMG, this taken from the 2014 MIC:

In simple terms, he's on $3m a year, half of that in cash and mostly earned via "performance bonuses" (term used in its loosest possible manner). And now a comparative chart that puts IAMGOLD up against industry benchmarks, the precious metals ETF GDX and the gold price ETF GLD:

This is the one year chart, but it's just as bad if you go back two or more. For example, over 24 months IAG is nearly 90% down.

What we saw last night from IMG is a corporate suicide note. Why shareholders are supposed to put up with this company's stupidity is beyond all my understanding of the basis of capital markets. Until Steve Letwin is fired, things will only get worse.

“If I am wrong, if this gold bull market is over, I will stand in the centre of Robson Square and I will sing Patsy Cline’s So Wrong wearing ladies’ underwear,” Mr. Giustra said in an interview this week.

IKN therefore brings out the evidence. This chart shows the percentage performance of gold bullion (using the GLD ETF as proxy) versus the broad markets (using the S&P 500 index as proxy) in the period April 30th (date of that report) to today:

Time to get dressed and dance, Frank. Are you man enough to keep your word?

Back in October we at IKN wondered out loud in three separate postshere, andhere, and then here (and yeah i liked that last one) just why Sheldon Inwentash and Pinetree Capital (PNP.to) was so, but so keen on dumping just about anything in its portfolio.

TORONTO, CANADA--(Marketwired - Nov 10, 2014) - Pinetree Capital Ltd. (PNP.TO) ("Pinetree")announces that, as at October 31, 2014, it was not in compliance with one of the debt covenants contained in the convertible debenture indenture dated May 17, 2011, as supplemented by the first and second supplemental indenture dated December 11, 2012 and September 12, 2013, respectively, in each case, between the company and Equity Financial Trust Company, as trustee, which govern Pinetree's 10% convertible unsecured subordinated debentures due May 31, 2016 ("Debentures") (PNP-DB.TO). The debt covenant at issue prohibits the company's debt from exceeding 33% of the total value of its assets, as reflected on its (unaudited) consolidated balance sheet as at the last day of each month. As at October 31, 2014, Pinetree's debt-to-assets ratio was 38.8%.

Pinetree has attempted to manage its debt-to-assets ratio, primarily by retiring in excess of $20 million principal amount of Debentures under normal course issuer bids (representing approximately 27% of the Debentures originally issued), however, the downturn in both commodity prices and the junior resource space generally has eroded the value of the company's investment portfolio.

"This long-expected news has turned out better than we’d hoped, given the state of the junior gold market. An offer for cash, even at a 50% premium, would have been a disaster for many shareholders. Fortunately, the offer is for shares, and we like New Gold well enough to want to hold our new shares in that company. The best part is that New Gold is down more than Bayfield since gold's recent sharp decline, and that adds leverage to the rebound; our NGD shares should recover faster and go higher than BYV shares on their own would do.

It’s a relief to see the light at the end of the tunnel here, though we were very sure it was coming. This deal should work out well for us. We encourage all BYV shareholders to support management and vote in favor of the Arrangement."

Back when it was first trumpeted a couple of years ago, my BS meter went off and the red flags a-fluttered in my head about Mars One, the private initiative to send a colony of humans on a one-way trip to Mars. Then I kinda forgot about it, like you do in life, right up to this morning when I got to read this really great piece of investigative narrative about Mars One, written by one Elmo Keep who cared more than I did.

He She* does a great job, but doesn't quite go far enough at the end by saying, "...I wouldn’t classify it exactly as a scam...". Because it is, Elmo, it's a 100% dyed-in-the-wool obvious scam, as anyone who's been hanging around junior mining companies and watching bullshit artists peddle dreams to the naive in exchange for quantities of cash will quickly testify. To quote another (though infinitely more honest than the Mars One people) purveyor of science fiction dreamery, Douglas Adams, "If it looks like a duck, and quacks like a duck, we have at least to consider the possibility that we have a small aquatic bird of the family anatidae on our hands."

Anyway, click through and read this great note on Mars Oneby Elmo Keep. An excellent longread that shines plenty of light on the cockroaches who've been living off this bunch of malarkey and nonsense for too long. And nice job getting an interview for the piece with a real hero, Commander Chris Hadfield.

Find the thing here andon inspection, it strikes me as superior to the normal sort of country life-quality ranking tables you get from world bodies. You can even play with the ratios of the ranking criteria to see how things are affected. Very good and what's more, I generally agree with the way in which LatAm states are ranked in the list.

Tomorrow Tuesday 11th November, the eleventh month, at eleven minutes past eleven, you have a task to perform.Your task is to remember.

If you could hear, at every jolt, the blood
Come gargling from the froth-corrupted lungs,
Obscene as cancer, bitter as the cud
Of vile, incurable sores on innocent tongues,
My friend, you would not tell with such high zest
To children ardent for some desperate glory,
The old Lie

Right here. And let's give Bad Crooke Brad Cooke credit, you don't have to search the NR for the net loss numbers, they're sitting up there good'n'proud at the top.

But let's not take anything away from the real story here: This is a seriously, seriously shitty set of financials.

And hey, I bet Bad Crooke Brad Cooke and fellow director Mario Szotlender are happy they had the foresight to dump 190,000 shares and 195,000 shares respectively, back in late October. My stars, that was lucky timing guys.

...Peru's international currency reserves position, per quarter, December 2008 to date:

The $63.8Bn of today is down from the high point of early 2013, but it's still over U$2k per capita and that's a decent reserve. $44.8Bn is held in securities, about $15.8Bn is bank deposits in foreign currency (nearly all dollars), then there's $1.3Bn or so in gold and the rest can be put under "other". Data from here.

Juve dismantled Parma to the tune of 7-0 today but the pick of the goals was this one, the 4th...

...because it's an obvious candidate for world goal of the season. The only thing I have against it is the goalkeeper, who was flatfooted but was probably feeling down about the first three going in and knew the game was already over. But it takes nothing away from Carlos Tevez, this is association football of the very highest quality.

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